• You maintain financial independence and personal dignity.
  
• You have control over when and where you receive care as well as the quality of care.
• You have peace of mind knowing you won't be a burden on your family.
  
• You are protecting your assets for your spouse and heirs.
  
• With individual plans you can pick the options that work best for you. Long term care plan experts can help you tailor the benefits to match your specific retirement goals.

• Age is in your favor. You will never be any younger than you are today. Premiums are based on your age at time of application.
  
• Your good health is the window of opportunity for obtaining coverage with a top-rated carrier. Plan now before your health changes.
  
• As we age, long term care costs may well become our greatest financial risk.
  
• Tax advantages. Qualified long term care insurance premiums may be tax deductible (subject to provisions in Health Insurance Portability and Accountability Act of 1996). Check with your tax advisor to see if you qualify.
  

Can Everyone Qualify for LTC?

• Unfortunately, no. The best time to apply for coverage is when you are healthy. You will most likely be eligible for coverage and your premiums will be lower.

Pay the cost yourself: for most, the cost is too high. The current costs for nursing home care range from about $30,000 to more than $100,000 per year; depending on where you live and your length of stay. The average length of stay is 2.5 years.

Depend on Medicare: Medicare pays only for skilled or rehabilitative care and only for up to 100 days; plus it pays only after three consecutive days of hospitalization and only for approved charges in approved facilities. On the whole, Medicare pays only 9.4% of long term care costs nationwide.

Let Medicaid pay for it: To qualify for Medicaid, a patient is required to "spend down" all assets to the point of poverty. At that point, Medicaid will assume a portion of the cost of long term care. However, by then, the patient has forfeited all right of choice.

Rely on private insurance coverage: A private long term care insurance plan may help you share the risk as well as protect your assets and provide financial freedom.